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What's the best thing to do regarding saving a sum of money for funeral?

r.a.i.n.b.o.w
r.a.i.n.b.o.w Posts: 638 Forumite
Part of the Furniture 500 Posts Combo Breaker
in Deaths, funerals & probate
I want to put £5,000 of my father's money into SOMETHING to save for his funeral wishes. What would be the best type of product? Something like SunLife? An ISA? Doesn't have to have interest earned on it, but that would be a bonus.

Thanks in advance :)

Comments

  • da_rule
    da_rule Posts: 3,618 Forumite
    Sixth Anniversary 1,000 Posts
    Would he not consider a funeral plan? The problem with a savings account would be that if funeral costs rise at a rate that exceeds any interest the £5,000 won't go as far.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    If you really want to do that, I'd suggest something like a COOP funeral plan (other funeral companies are available)
  • r.a.i.n.b.o.w
    r.a.i.n.b.o.w Posts: 638 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    A funeral plan was considered, but it won't suit his "needs" - a simple cremation only and then a few months later a memorial service back in his birth town with eulogy and ashes scattering and a catered celebration afterwards. Funeral plans only pay for the funeral direct, you can't get the money back for the other extras (which he wants more than a funeral service).
  • Yorkshireman99
    Yorkshireman99 Posts: 5,470 Forumite
    r.a.i.n.b.o.w wrote: »
    A funeral plan was considered, but it won't suit his "needs" - a simple cremation only and then a few months later a memorial service back in his birth town with eulogy and ashes scattering and a catered celebration afterwards. Funeral plans only pay for the funeral direct, you can't get the money back for the other extras (which he wants more than a funeral service).
    Cremation only can be done for under £1,400. Frankly why pay more? Personally that is what I have specified for myself.
  • r.a.i.n.b.o.w
    r.a.i.n.b.o.w Posts: 638 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    Yorkshireman99 wrote: »
    Cremation only can be done for under £1,400. Frankly why pay more? Personally that is what I have specified for myself.

    Yes, that's precisely what he wants (cremation only). It's all the celebration and extras stuff that will add to the cost, and £5,000 seems like a sensible figure for all that.
  • Yorkshireman99
    Yorkshireman99 Posts: 5,470 Forumite
    r.a.i.n.b.o.w wrote: »
    Yes, that's precisely what he wants (cremation only). It's all the celebration and extras stuff that will add to the cost, and £5,000 seems like a sensible figure for all that.
    If he wants nothing else he neeedd to make a will specifying this and make sure his family know his wishes. No need for a funeral plan just make those close to him know and follow his wishes.
  • Savvy_Sue
    Savvy_Sue Posts: 47,738 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    How old's your Dad?

    Is he in good health?

    Is he receiving any means-tested benefits? (If he is, then a funeral plan is one of the things it's OK to buy to reduce his capital.)

    Does he have capacity to make his own decisions and you're just helping with this?

    Will he be adding to it?

    I mean, one way might be to open a new current account linked to one of the better regular savings accounts, and filter the money into the savings account over the course of a year. I'm probably not explaining myself very well here ...

    but Premium bonds might also be worth considering!
    Signature removed for peace of mind
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